Why we are about more than just financial news October 22, 2009 RIGHT from the start, City A.M. has been about much more than just business and financial news and comment. Our daily sports section has always been an essential part of our offering and our writers and columnists now enjoy a growing and devoted following. We have all the biggest sports stories that matter – every [...]
Campaigning against damaging EUlaws October 22, 2009 BACK in April, when we exclusively revealed that the FSA was “hopping mad” at European plans to regulate the hedge fund industry, we decided that we were too. So we launched our first ever campaign – against the European directive on the alternative funds industry. Since then, other newspapers have jumped on the bandwagon and [...]
BEST OF THE BROKERS October 22, 2009 EXPERIANGoldman Sachs gave Experian “credit where credit is due” and upgraded the stock to “buy” with a target price of 670p, implying a 19 per cent upside potential. The broker believes the firm has seen the worst of the economic crisis, and expects organic growth to trough at one per cent in the first half [...]
Nestl boosts share buyback and mulls Alcon sale October 22, 2009 Cash-rich Nestlé, the world’s biggest food group, said yesterday it was speeding up a programme to buy back shares and was likely to raise fresh funds from the sale of its stake in eye care firm Alcon. The firm declined to comment on any possible counterbid for Cadbury, though it said it was always open [...]
Ericsson sees profits dive as crisis hits October 22, 2009 SWEDISH telecoms equipment giant Ericsson yesterday blamed the global downturn for a 71.5 per cent plunge in third-quarter profits. The firm had hitherto proved resilient to the global financial crisis, managing to maintain profits and sales, but the reality finally caught up with it as capital spending cuts by operators fed through. Ericsson’s sales fell [...]
Pernod Ricard in sales decline October 22, 2009 DRINKS company Pernod Ricard, the maker of Jameson whisky, yesterday reported a four per cent decline in revenue to €1.64bn (£1.48bn), in line with company expectations. Sales in the group’s first quarter ending 30 September fell 6.3 per cent, with wine and champagne sales diving 13 per cent. Chief executive Pierre Pringuet said that the [...]
AT&T profits beat forecasts October 22, 2009 AT&T reported stronger-than-expected third quarter profits as the wildly popular iPhone helped it land a record number of new wireless customers for the period. Investors have worried about AT&T’s dependency on Apple’s iPhone for growth, but for now it is paying big dividends. AT&T, which has exclusive US rights to the phone, said it was [...]
Business news has helped the market to recover October 22, 2009 MERRILL Lynch. Lehman Brothers. HBOS. These three once mighty institutions were among the big-name banks we set out to cultivate when this newspaper launched four years ago. The names may live on in one form or another, but all three are now consigned to the history books as independent entities. Who would have thought the [...]
Anglo to sell off assets in restructuring October 22, 2009 ANGLO AMERICAN, the resources group which owns stakes in the biggest diamond and platinum producers in the world, has unveiled massive restructuring plans in a bid to focus on mining. Anglo said it was reorganising into seven arms, whose directors will report straight to chief executive Cynthia Carroll. Ian Cockerill, boss of the miner’s coal [...]
Pubcos cheer OFT decision October 22, 2009 Beer campaigners have failed in a bid to force leased pub operators to allow their landlords to buy beer supplies from rivals, boosting shares in the sector. The Office of Fair Trading (OFT) has rejected a complaint from the Campaign for Real Ale (Camra), which claimed that tied arrangements forcing pub tenants to buy solely [...]